SEOUL, May 6 (Yonhap) -- Hyundai Motor Co. said Wednesday it has received approval from the Seoul city government to proceed with the construction of its new headquarters building in southern Seoul.
Hyundai Motor has been seeking to build the 105-story Global Business Center (GBC), which will accommodate 15 affiliates and house roughly 10,000 employees.
The facility will also house hotels, offices, performing arts centers, restaurants, exhibition halls and entertainment facilities, the Seoul Metropolitan Government said in a statement.
Hyundai Motor said it will complete the project by 2026.
Once completed, the GBC will become the new tallest skyscraper in South Korea, standing 569 meters high. The 123-story Lotte World Tower is currently the country's tallest at a height of 555 meters.
Hyundai Motor Group bought the site formerly used as the headquarters of the state-run Korea Electric Power Corp. for 10.55 trillion won (US$8.6 billion) in 2014.
The GBC is part of the government's broader plan to develop the areas from the COEX exhibition hall to Jamsil Olympic Stadium in southern Seoul as a comprehensive complex for international exchanges.
Advertising controversy grips S. Korean mukbang YouTubers
Seoul's last-ditch home supply plan still in doubt over its viability
Korean foodmakers ramp up overseas push amid COVID-19 pandemic
Bumpy road lies ahead for Samsung, even after heir avoids detention
One month into eased social distancing, S. Korea wrestles with cluster infections, cases with unknown routes